Piper Sandler downgraded Amalgamated Financial (AMAL) to Underweight from Neutral with a price target of $27, down from $34. The Wall Street Journal reported that President Trump is expected to sign an executive order intended to pressure banks perceived to discriminate against conservatives and crypto companies, the analyst tells investors in a research note. Piper says Amalgamated is widely known as a bank of Democratic party and player in the green space. The firm cites concerns that the bank will become a target of regulators following the executive order for the downgrade to Underweight.
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